Panel two: Building a medtech startup with limited capital

Bringing a medtech innovation to market is about far more than developing great technology. From validating a genuine clinical need and navigating complex regulatory pathways to securing investment, generating clinical evidence and achieving commercial adoption, founders face challenges at every stage of the journey.

At our recent medtech and investor networking event, our second panel brought together founders, investors and operators to discuss how medtech companies can reduce risk, make better use of capital and avoid some of the costly mistakes that can derail even the most promising innovations. Moderated by Adam Brown, Founder, Managing Partner of ABIG Health, the discussion delivered an honest look at what it really takes to build a successful medtech company in today’s market.

Panellists included:

• Jeremy Wheeler, Founder & CEO, BioCaptiva
• Dr Paul Bhogal, Co-Founder, Ceroflo
• Natalie Pankova, Investor, Zinc
• Mukul Mohanty, Senior Partner, Truffle Capital

The conversation explored everything from customer discovery and product-market fit to regulation, clinical evidence and capital efficiency. Here are some of the key takeaways.

1. Start with the problem, not the technology

A recurring theme throughout the discussion was the importance of understanding the problem before building the solution. Many medtech innovations originate in universities, research institutions and clinical environments. However, technical excellence alone does not guarantee commercial success. The panel stressed that founders should spend time understanding the needs of end users, buyers and stakeholders before investing heavily in product development.

Jeremy Wheeler highlighted the importance of listening first. Rather than leading conversations with a proposed solution, founders should focus on understanding pain points, existing challenges and where value can realistically be created. This early-stage discovery work is often one of the most cost-effective activities a startup can undertake and can help avoid expensive missteps later in the journey.

2. Founders need to spend time in the clinic

Customer discovery should extend well beyond interviews and workshops. Natalie Pankova emphasised the value of spending time within clinical environments to observe how healthcare services operate in practice. By understanding workflows, patient pathways and day-to-day challenges faced by healthcare professionals, founders can uncover insights that may never emerge through conversation alone.

The panel also discussed the importance of challenging assumptions. Rather than looking for validation that an idea will succeed, founders should actively seek evidence that it might not. This approach helps identify weaknesses earlier, strengthens product development and ultimately reduces risk. Importantly, healthcare innovators must also remember that users and buyers are not always the same people. A technology may solve a problem for clinicians, but unless purchasers and decision-makers can also see the value, adoption can remain challenging.

3. Product market fit starts earlier than most founders think

One of the strongest messages from the panel was that commercialisation should not be viewed as the final stage of development. Instead, founders should think about market adoption from the very beginning. Understanding who will buy a product, how it will be funded and what evidence decision-makers will require can significantly influence both product development and commercial success.

The discussion highlighted that regulatory approval alone does not guarantee adoption. Healthcare organisations often have their own performance requirements, procurement criteria and funding considerations. The founders most likely to succeed are those who understand these requirements early and build their products with future customers in mind.

4. Early regulatory strategy pays dividends later

Regulation remains one of the most significant investments that medtech companies make, making capital efficiency critical. The panel agreed that the most successful founders incorporate regulatory strategy into their plans from the earliest stages of development. By understanding the pathway ahead, companies can prioritise the right activities, focus resources effectively and avoid unnecessary spending.

From an investor perspective, disciplined execution is often just as important as scientific innovation. Companies that understand their milestones, generate the right evidence at the right time and maintain a clear regulatory roadmap are typically better positioned to manage risk, preserve capital and attract investment.

5. Clinical evidence must support more than approval

Many companies design studies primarily to satisfy regulatory requirements. While approval is essential, the panel highlighted that evidence must also resonate with clinicians, buyers, investors and reimbursement stakeholders. The data needed to secure market access may not be the same data required to secure commercial contracts or widespread adoption.

Dr Paul Bhogal encouraged founders to seek expertise from specialists who understand these different stakeholder groups, while Natalie Pankova reinforced the importance of engaging future customers before evidence-generation programmes begin. By aligning studies with both regulatory and commercial objectives, companies can maximise the value of their investment and strengthen their route to market.

6. Capital efficiency comes from planning, not cutting corners

A consistent theme throughout the discussion was that capital efficiency is not simply about spending less. It is about spending wisely. The panel highlighted that the most successful companies validate assumptions early, engage closely with stakeholders and make informed decisions based on real market feedback. This approach helps founders reduce risk, avoid wasted investment and direct resources towards activities that create genuine value.

While growth rarely follows a straight line, thoughtful planning, strong partnerships and a clear understanding of customer needs can significantly improve a company’s chances of success.

Watch the panel discussion

Missed the session or want to deep further into the conversation? Watch the full panel below.

Missed panel one?

This was the second discussion of the event, following an insightful session focused on commercialising medtech businesses in the US market.

Want to learn what happened in Panel One? Read our key takeaways here.